Research note · Robinhood Chain

Robinhood Chain: where app revenue is moving

App revenue on Robinhood Chain fell 76% in 30 days, while perps revenue more than doubled. Where the meme cooldown hit hardest, and what the sequencer earned at the peak.

App revenue$91.5M → $22.4M−76%
Sequencer$35.2M → $2.3M−94%
Perps share2% → 16%Lighter + Arcus
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Research snapshot · 22 Oct 2026

Robinhood Chain app revenue compared across consecutive 30-day periods
Original graphic by Madaba · Select the image to view it at full size

Meme cooldown

Total tracked app revenue went from $91.5M to $22.4M. PONS, GMGN, fomo, Uniswap and Axiom were all down 72-88%.

Perps gain share

Lighter went from $1.3M to $2.1M and Arcus from $347K to $1.6M, taking their combined share of app revenue from roughly 2% to 16%.

The sequencer

Robinhood's sequencer revenue fell from $35.2M to $2.3M. $35.2M in one month is roughly 8% of Robinhood's average monthly revenue in Q2, so Robinhood has seen what the chain can earn when activity picks up.

Updates since publication

  1. October edition: revenue on the chain fell from $128.0M to $21.9M (−83%). Pons, GMGN and fomo are down ~90%, while Lighter and Arcus made $4.0M, 18% of all revenue, up from 2% in September.

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  2. All editions are collected in the Robinhood Chain revenue series.

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